The Gurgaon-based firm, which had partnered TranServ in December last year, is relying heavily on payments as part of its overall service strategy.

"Payment is very critical to the overall service strategy for Micromax... Almost all the new smartphone products will have this wallet as natively integrated in them. Existing users of Micromax smartphones will also get this upgrade," Micromax co-founder Vikas Jain said.

He added the company has partnered Visa and TranServ to offer unique digital solutions specifically designed to meet the demands of the 'mobile-first' Indian consumers.

"VISA brings together the merchant ecosystem and TranServ takes care of the technical aspect, while Micromax already has strong service ecosystem and user base in place to use this service," he said.

Using the proposed payment solutions, Micromax users will be able to use mobile-based push payments using mVisa and make eCommerce payments on merchant and social media applications as well as interpersonal payments to personal contacts.

In the future, the companies will also look at launching mobile contactless payments in physical locations through NFC (near-field communications).